On September 15, 2020, the Consumer Financial Protection Bureau (CFPB) announced the release of an Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. The Bureau will convene a Small Business Advocacy Review panel in October 2020. The panel will prepare a report that examines the impact of the potential rule on small businesses. Section 1071 requires financial institutions to collect […]
Category: CFPB
EIGHTH CONSENT ORDER RELATED TO VA-GUARANTEED MORTGAGE LOANS
On September 14, 2020 the Consumer Financial Protection Bureau (CFPB) issued a consent order against ClearPath Lending, Inc., an Irvine, California, corporation that is licensed as a mortgage broker or lender in about 22 states. ClearPath offers and provides mortgage loans guaranteed by the U.S. Department of Veterans Affairs. The CFPB announcement said ClearPath’s principal means of advertising VA-guaranteed loans is through direct-mail advertisements sent primarily to U.S. military servicemembers and veterans. The CFPB found […]
FALSE, MISLEADING, AND INACCURATE STATEMENTS RELATED TO VA-GUARANTEED MORTGAGES
On September 2, 2020, the CFPB announced it has issued a consent order against Accelerate Mortgage, LLC, a Newark, Delaware-based company that is licensed as a mortgage broker and lender in about 31 states. Accelerate offers and provides mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA). Accelerate’s principal means of advertising VA-guaranteed loans is through direct-mail advertisements sent primarily to U.S. military servicemembers and veterans. Specifically the CFPB found that Accelerate: Created […]
TEXAS COURT LIFTS ONE OF TWO PAYDAY LOAN STAYS
On August 20. 2020 the United States District Court for the Western District of Texas entered an order lifting one the stays in the case of Community Financial Services Association of America, LTD., et al., v. Consumer Financial Protection Bureau, et al. The lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday loan rule. The stay was originally entered in June 2018 on the heels of the trade groups’ motion for a […]
2021 HMDA FILING INSTRUCTION GUIDES RELEASED
On August 21, 2020, the Consumer Financial Protection Bureau released the: The Filing Instructions Guide for HMDA Data Collected in 2021; and The Supplemental Guide for Quarterly Filers for 2021. The required data fields for the 2021 data have not changed from the 2020 data collection and reporting requirements. HMDA requires the quarterly reporting of data only for financial institutions that reported for the preceding calendar year at least 60,000 covered loans and applications, combined, […]